Kaduna attracted $800m investment, expects $2.1bn pledges since 2015 – El-Rufai


As President Muhammadu Buhari urged Kaduna state government to surpass its laudable investment drive, Governor Nasir el-Rufai said the state has attracted $800 million foreign and local investments, with investors pledging $1.2 billion more. 
President Buhari, who was the Special Guest at the fifth Kaduna Economic and Investment Summit (KADInvest 5.0) held virtually, commended Kaduna state government for its efforts to establish its credentials as the investment destination of choice in Nigeria. 


“KADINVEST has become a respected fixture on the investment calendar, held annually since 2016. 
“It is a fitting statement of the resilience of the Kaduna state government that it is able to host the 2020 edition amidst the severe disruptions to the normal order caused by Covid-19. This is the sort of determined focus that can help the country to navigate the challenging consequences of the pandemic. It is hardly a surprise that Kaduna state has emerged as the leading destination for foreign direct investment within Nigeria,” he said.


Speaking in his address at the annual summit held virtually for the first time, with the theme, ‘’Infrastructure, Industrialisation and Innovation.’’, Governor el-Rufai said that Kaduna state has attracted both domestic and foreign investments worth about $800 million since 2015, with investors pledging a further $2.1 billion. 
‘’Kaduna has faced fiscal headwinds as a result of Covid-19 pandemic, with several mitigating strategies aimed at repositioning the state to maintain solvency and emerge stronger post pandemic. KADINVEST 1.0  attracted 25 businesses and local as well as foreign investments worth $500 million. 
“The second edition of the summit witnessed the launching of Kaduna State Development Plan (SDP) and ‘’Sector Implementation Plan (SIP) as a vehicle to achieving SDP through annual budgeting framework. The Ease of Doing Business charter, Bus Rapid Transit (BRT) system, the Eyes and Ears Citizens Engagement platform were all launched at KADINVEST 2.0,’’ he added.


According to him, a three-year Memorandum of Understanding (MoU) with the United States Agency for International Development (USAID) to help drive the economic development of the state was signed at the event. “Kadinvest 2.0 attracted a number of foreign direct investment in the state, especially Olam Poultry and Feedmill, Mass Housing at Millennium City and KADICT.’’


The governor also said that Kaduna State Infrastructure Master Plan (2015-2050), 14 + investments solidified through foreign and local domestic investments, were launched at the third edition, KADINVEST 3.0. He said that the summit attracted 79% foreign direct investment and 21% domestic investment.

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